The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1887-10-25
RECKLESS STERN.
Keeping Up Appearances by Endor-
sing His Own Notes.
Mining Speculation Which Led to
WrongdoIng and Failure.
The Unfortunate Mans Friends
Working In His Behalf.

BANGOR, Oct. M.-Jacob Stern, the in
solvent dry goods dealer, whose failure and
arrest recently furnished Bangor with a
sensation, is still in confinement His liabi-
lities are hopelessly large, and, what is the
worst features of it, he has an Indebtedness
variously estimated at from $1,000 to $780,
900, which was incurred through the un-
authorized use of other mems names. To
recover his standing after having been a
loser in the Maine mining craze, Mr.. Stern
adopted the precarious method of fixing the
names of his business friends to the endorse
ment of his notes. After his second ar
rest, Mr.. Stern acknowledged forgeries in
a studied attempt to initiate the handwriting
of the men whose names he had so freely
used, and the fact that the paper went
through several banking institutions in the
city without any question being raised is in
dicative of the high esteem in which Mr.
Stern was everywhere held. The fact that
it was his paper was a sufficient guarantee OF
Its value without any scrutiny. But Mr.
Stern now saw that there was nothing to do
but make a clean breast of his Irregularities,
so he called several of his friends to him and
stated the facts to them. He told them
sorrowful tale
For the last five years, he said, he had
lived in torment and If the next five were to
from five story window than live through
them. He told them that he had been so
sensitive regarding his financial standing in
the community that, rather than suffer the
publicity consequent upon failure, he had
led himself to believe that by securing ac-
the end come out all right. He had felt con-
fident that he could take up this paper when
it became due. In many instances he
had undoubtedly succeeded in doing
this, and it was at last only through
accident that it was discovered that,
in reality, he had been endorsing his own
notes. He placed himself in their hands,
and besought them to deal as leniently with
him as they could consistently with their
best judgment in the case. They have done
well for him, and for a time it has looked as
though settlement could be reached in the
case. The names of MIR. Blake and Mr.
Hill, it is understood, have been pretty free
cured are placed, in the aggregate, as high as
$4,000, but legal gentleman inter-
ested in the case told a reporter today
that he thought that $4,000 would
cover it. 1t is known now that Mr.. Stern
has been carrying on business in this man.
ner for number of years. Once having
begun it, it was impossible for him to break
off the practice, owing to the state of his
business. A great deal of sympathy has
been expressed for the family, and the
condemnation Of Mr.. Stern's questionable
course in his business affairs has, not
been as harsh as might have been
expected. He has still a number OF
warm friends of social influence and wealth.
and it is yet hoped that he may be saved from
criminal arraignment. The result of stock
taking in his Main street stores shows that
he had $4,000 worth of goods in his place at
the time of his failure. 1t is reported to-day
that steps are now being taken which will
result in Sterns speedy liberation.